Ordinarily, the word essays is invoked at great risk by authors and publishers alike. But in the case of this special collection by Joseph A. Schumpeter, the great Austrian economist who finally settled at Harvard, the scholarly world knows this particular volume as his Essays. For a less pious younger generation, a subtitle has been added describing what these essays are about.In addition to the major themes of Schumpeter's life: the place of the entrepreneur in economic development, the risks and rewards of innovation, business cycles and why they occur, and the evolution of capitalism in Europe and America, the Essays contain statements on how Schumpeter viewed his own development; they discuss how he looked at Marxism, and how he feared that economics was in danger of becoming too ideological.Several of the Essays are classics. This is the case for "The Creative Response in Economic History" in which Schumpeter makes a plea for the close cooperation between economic theory and economic history. Another is "Science and Ideology," which constitutes Schumpeter's presidential address before the American Economic Association. Finally, there is the intriguing preface to the Japanese translation of Theory of Economic Development, in which Schumpeter names Walras and Marx as his two great predecessors.Even those who treasure the original publication were irritated by the remarkably poor quality of much of the book, which reproduced everything from typewriter script to nearly unreadable, reduced double columns. These lapses have been corrected in this new edition. Here Schumpeter's Essays can finally be read with the enjoyment, no lesS than enlightenment, they deserve. The volume is alive to the basic issues of our time. The reader can look forward to intellectual insight and stimuli of the highest order.

chapter 1|20 pages

On The Concept of Social Value

Reprinted from Quarterly Journal of Economics, Feb. 1909, 213–232.

chapter 2|26 pages

The Explanation of The Business Cycle

Reprinted from Economica, Dec. 1927, 286–311.

chapter 3|26 pages

The Instability of Capitalism

Reprinted from Economic Journal, Sept. 1928, 361–386.

chapter 4|23 pages

Mitchell’s Business Cycles

Reprinted from Quarterly Journal of Economics, Nov. 1930, 150–172.

chapter 5|4 pages

The Present World Depression: a Tentative Diagnosis

Reprinted from American Economic Review Supplement, March 1931, 179–182.

chapter 6|8 pages

The Common Sense of Econometrics

Reprinted from Econometrica, Jan. 1933, 5–12.

chapter 7|10 pages


Can We Learn from Past Experience? Reprinted from The Economics of the Recovery Program, 1934, 3–21.

chapter 8|7 pages

The Nature and Necessity of a Price System

Reprinted from Economic Reconstruction, 1934, 170–176.

chapter 9|9 pages

Review of Robinson’s Economics of Imperfect Competition I

Reprinted from Journal of Political Economy, April 1934, 249–257.

chapter 10|16 pages

The Analysis of Economic Change

Reprinted from Review of Economic Statistics, May 1935, 2–10.

chapter 11|10 pages

Professor Taussig on Wages And Capital

Reprinted from Explorations in Economics, 1936, 213–222.

chapter 12|5 pages

Review of Keynes’s General Theory

Reprinted from Journal of the American Statistical Association, Dec. 1936, 791–795.

chapter 13|4 pages

Preface to Japanese Edition of “Theorie Der Wirtschaftlichen Entwicklung”

Reprinted from tr. by I. Nakayama and S. Tobata, Tokyo, Iwanami Shoten, 1937.

chapter 14|6 pages

The Influence of Protective Tariffs on The Industrial Development of The United States

Reprinted from Proceedings of the Academy of Political Science, May 1940, 2–7.

chapter 15|14 pages

Capitalism in The Postwar World

Reprinted from Postwar Economic Problems, 1943, 113–126.

chapter 16|22 pages


Reprinted from Encyclopaedia Britannica, 1946, Vol. IV, 801–807.

chapter 17|10 pages

The Decade of the Twenties

Reprinted from American Economic Review Supplement, May 1946, 1–10.

chapter 18|11 pages

The Creative Response in Economic History

Reprinted from Journal of Economic History, Nov. 1947, 149–159.

chapter 19|9 pages

Theoretical Problems of Economic Growth

Reprinted from Journal of Economic History Supplement, 1947, 1–9.

chapter 20|12 pages

There is Still Time to Stop Inflation

Reprinted from Nation’s Business, June 1948, 33–35, 88–91.

chapter 21|19 pages

Economic Theory and Entrepreneurial History

Reprinted from Change and the Entrepreneur, 1949, 63–84.

chapter 22|15 pages

Science and Ideology ∗

Reprinted from American Economic Review, March 1949, 345–359.

chapter 23|19 pages

The Communist Manifesto in Sociology and Economics

Reprinted from Journal of Political Economy, June 1949, 199–212.

chapter 24|16 pages

English Economists and the State-Managed Economy

Reprinted from Journal of Political Economy, Oct. 1949, 371–382.

chapter 25|8 pages

The Historical Approach to the Analysis of Business Cycles

Reprinted from Universities-National Bureau Conference on Business Cycle Research, Nov. 25–27, 1949.